Bully Market: My Story of Money and Misogyny at Goldman Sachs by Jamie Fiore Higgins

This is the second book that I have read by an ex Goldman Sachs employee. The first book was Why I Left Goldman Sachs: A Wall Street Story by Greg Smith. I am more sympathetic to Mrs. Higgins as she did endure bullying, sexual harassment, juvenile behavior, unprofessionalism and was totally unsupported by management, human resources and fellow employees.

The author exposed the corrupt culture at Goldman Sachs. She could not beat the old boys network and despite an exemplary work record and performance, was never really taken seriously. I am happy to see that she finally resigned from Goldman Sachs but I think it was something that she should’ve done many years before. I think what confuses me is that this talented woman thought that the only place that she could work was Goldman Sachs. She never got any other offers from any other investment firms or companies? If she did, I missed it from the book.

She was extremely fortunate that she had a supporting husband, particularly after her brief affair with another Managing Director. To a significant degree she placed her marriage, her children’s upbringing and her health at extreme peril.

There were so many parts in the book that were cringing to me. Mrs. Higgins was treated so poorly that just about any other woman (or man) would have walked away from the job. The author did not disclose her financial status other than her significant bonuses that she received yearly. I would’ve thought that she had earned enough “fuck you” money to walk away much earlier than she did.

I am very sympathetic for those employees who have been treated harshly and unfairly by their managers and the company that they worked for. There are a significant number of assholes that work in senior management for many companies. And I understand that there may be very little recourse other than to leave when you are in a situation where you are being treated unfairly.

Kudos to Mrs. Higgins for her candor and her bravery. She truly exposed herself professionally and personally in this book. I read this book in less than two days. It is very compelling reading.

One of the best business books that I have read in 2022…

Winter Ponderings

Stupidity has spread faster than omicron in this country. Omicron is transmitted by air, stupidity spreads generally by social media and right wing blogs and networks.

Omicron’s ill effects are mild and short term (for the vaccinated). Stupid’s effects are long term and spur many and various variants, most uncontrolled and impervious for remedy.

January 6, 2021 is a metaphorical “Fort Sumter” on the current civil war in the United States.

Does anyone think long-term today? Companies and their shareholders don’t. Politicians don’t. Sports franchises don’t. We live in an era of instant gratification. Many if not most of the public demand instant results. A first year coach in any sport gets critical comments from his team’s fanbase if the wins and losses aren’t to their exaggerated expectations.

My description of a woman I know: “She is as cold as a blizzardly blustery late January sundown in Buffalo…”

At age 69, I should have developed an immunity towards being disappointed and hurt. I have not. While I am more philosophical about experiencing those emotions, I have not developed an antibody for the sadness I feel.

Observations that I have read and found worthy of repeat…

Having been retired for about three years, I look back on my “career” in various positions as defining a job as an inconvenient interruption between weekends. Phil from Philadelphia (comment on NYT article Public Displays of Resignation: Saying ‘I Quit’ Loud and Proud)

“It is simple: depending on others is misery; depending on yourself is power.”
—Robert Greene, The Daily Laws

“To keep Trump and his epigones away from high office, it isn’t enough to have the moral high ground. It’s like something Adlai Stevenson supposedly said once when a voter told him that every thinking person was on his side. “I’m afraid that won’t do,” he replied. “I need a majority.” Democracy needs a majority.” (Bret Stephens NYT Covid 3.0, Biden 2.0 and Trump Number …1/10/22)

Career Advice from the Middle of the Org Chart

I wrote this essay about 10 years or more about corporate life and getting ahead. The ideas and comments are more appropriate for someone entering the corporate life in their 20s but there are some universal truths for workers of all ages. To be honest, I wish I took some of this advice early in my career.

Don’t accept a “maintenance” job. We’re not talking cleaning or janitorial services but a position that requires you to maintain the status quo. If a position cannot be improved or reinvented, it’s not worth pursuing.
Within one hour of starting your new job, generally a new employee will know if they have made a mistake in accepting the job offer.
Within one hour of a new employee starting a new job, their boss and co-workers will know if the new employee’s hiring was a mistake.
Bringing in “new blood” to a company does not necessarily stop the bleeding.
The number of people is not as important as the character and reputation of people in your social network.
Results, recommendations and reputation always trump the best written resume.
Too often a company truly understands the value of an employee not by their presence but when they are gone.
It’s not the size of a business document with ideas that counts, it’s the feasibility of the ideas within the document that matter.
Good work alone won’t get you a raise or promotion; good work that gets noticed and appreciated by others will. People who get promotions are excellent at promoting themselves.
If you are seeking a promotion inside your company, promote yourself well outside it.
The desire for principal generally overcomes the need for principle in most business decisions.
Many corporate refugees finally find the boss of their dreams when they become self employed.
Companies can find managers fairly easily, leaders not so easily.
Employee recognition awards make great consolation prizes when a company won’t or can’t deliver on a promised promotion or merit raise.
Be very skeptical when listening to other people’s career advice or about getting ahead in business, including this list.